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Forex Trading, Market News & Technical Analysis

Crude Oil Rose on Expectations of Production Cuts; WTI Rallies to $50/Barrel

Posted by Chris Advincula on May 19, 2017 6:51:26 AM

(May 19 Friday) The price of oil futures rose to a month's high on market demand and expectations of further production output cuts by the major oil producing countries. Analysts are saying that Saudi Arabia and other OPEC member nations, together with Russia are expecting cuts to about 1.8 million barrels per day until the end of March 2018. U.S. producers on the other hand, are not participating on reducing oil production.

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Topics: commodities, WTI, West Texas Intermediate crude oil, BRENT OIL

Today’s Trading Edge: Oil continues to rise following last week’s US military strike on Syria

Posted by WorldWideMarkets . on Apr 9, 2017 8:44:09 PM

Oil prices traded near a one-month high at the end of last week following the United States missile strike against a Syrian government airbase.  The strikes represented the first targeted US military action against President Bashar al-Ashad.  US West Texas Intermediate (WTI) crude rallied to an intra-day high of $52.94 before pulling back roughly 90 cents. 

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Topics: US Crude oil, crude oil, WTI, West Texas Intermediate crude oil, $OIL

Oil Spikes as U.S. Strike Against Syria Roils Global Markets

Posted by Chris Advincula on Apr 7, 2017 6:53:33 AM

 

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Topics: WTI, USOIL, Global Markets, SYRIA

Today’s Trading Edge: Oil remains heavy as supply concerns weigh on prices

Posted by WorldWideMarkets . on Mar 20, 2017 7:23:41 PM

 

Oil prices initially rallied in NY after OPEC support for continuing their supply cut agreement into second half of year is reportedly increasing.  They also noted that they would require non-OPEC participation to extend agreement.  The markets ignored the prospect of a possible extension of supply cuts as concerns remain strong on growing US oil output and high inventories. 

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Topics: US Crude oil, crude oil, WTI, $OIL

Technical Analysis: WTI Crude Oil Forms Rising Channel at 54.00 - 44.00

Posted by Chris Advincula on Feb 10, 2017 3:20:57 PM

(Feb 10 Friday) WTI Crude Oil displays a rising channel pattern with three visible rising support lows: 35.25 (April 3) - 39.25 (Aug 1) and 43.02 (Nov 1). The top side, although not a perfect straight line also shows the highs are ascending as well; 51.64 (Jun 8) - 52.20 (50.80) and 55.22 (Jan 2).

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Topics: commodities, technical anlaysis, WTI, West Texas Intermediate crude oil

 

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